Current situation:
The Producer Price Index for copper tube and fittings were up 2.2% month-over-month (up 6.6% in the last update) and was up 62.8% year-over-year (up 54.5% Y/Y last month).
Key factors that could affect supply or price:
- Prices: Currently trading at $4.74 lb., up again from the 7-year high of $4.11 lb. in February, 92.9% higher over the past year and 34.6% higher YTD.
- Headlines: A potential strike at a BHP mine in Escondida helped to buoy prices in mid-May. China has also taken steps to ease pricing pressure as Chinese demand for copper surges amid reopening manufacturing growth. This isn’t enough to ease inflationary price pressure, July copper was trading up 1.15% this week.
